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“The largest property tax cut in Texas history has passed thanks to Texans who made their voices heard at the polls today!” Gov. Greg Abbott said in a social media post.
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The Texas Tax Reform Commission (TTRC) was created by Texas Governor Rick Perry in 2005 to modernize the state tax system and provide long-term property tax relief as well as sound financing for public schools. Upon the Commission's creation, Governor Perry requested that the "ultimate recommendations on reforming the state tax structure focus ...
For the 10 years of the tax benefit period, reduced local school district revenues are substantially replaced with state funds through the state public school finance system. [4] The Texas Tax Code gives the Texas Comptroller's office responsibility and authority to adopt rules necessary for the implementation and administration of the program. [5]
The Tax Relief for American Families and Workers Act is a $78 billion package that would expand the Child Tax Credit (a tax benefit that provides money to parents), restore business tax breaks, increase federal funding for states to encourage the development of low-income housing, deepen economic ties between the United States and Taiwan and end a pandemic-era employer tax benefit.
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Real property tax reform was another of Merritt's priorities in the Texas House. In 1999, he authored a proposed constitutional amendment to cap property taxes. In 2005 he authored both a bill [ 30 ] and a proposed constitutional amendment [ 31 ] to bring property tax relief to Texans.